BoCom steals lead on rivals with $4.84 billion rights issue

The rights issue, which will comprise both A- and H-shares, comes just ahead of Agricultural Bank of China's dual listing in Shanghai and Hong Kong which is expected to raise at least $22 billion.

Bank of Communications, China's fifth largest lender in terms of assets, has stolen a lead on several of its larger Chinese rivals by announcing details of a rights issue that could raise up to Rmb33.071 billion $4.84 billion. The offering, which will be targeted at holders of both its A- and H-shares, will kick off immediately with Thursday being the last trading day when investors can buy the H-shares if they want to gain access to the rights.

The...

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